Williams posts £5 million loss for 2012

Williams posts £5 million loss for 2012

29 April 2013 – Williams Grand Prix Holdings has posted a pre-tax loss of £5 million for 2012. The outfit made a profit of £7.4 million in 2011, but has linked the latest figures to "the impact of a technical accounting treatment of one of the Group’s key receipts".

Although Pastor Maldonado's Spanish Grand Prix victory was the highpoint of a much-improved 2012 campaign and the first for the team since 2004, the Williams Grand Prix Engineering arm recorded a loss of £0.6 million. The group's turnover did increase, however, rising by 22 percent from £104.5 million to £127 million.

Despite losses in certain areas, Team Principal Sir Frank Williams remains confident over his team's long-term standing: "2012 saw Williams make encouraging progress on and off the track and we are determined to continue that upward trend in 2013. The win at the 2012 Spanish Grand Prix was a particular highlight and we continue to develop strong sponsorship partnerships and engineering relationships.

"At the end of the year the Williams F1 Team finished 8th in the FIA Formula One World Constructors’ Championship. There is still a way to go for the team to get to where we should be, but improvements on previous seasons are evident."

Williams opted not to include the £9.4 million of television money it received from Formula One Management (FOM) in its final annual results, with CEO Alex Burns citing "the technical interpretation of today’s accounting standards" as the reason.

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